Now, you can go to Schwab and buy this portfolio. It’s a diversified, aggressive portfolio covering 3,000 stocks, 700 bonds and 30 commodities. A few years ago it would have made an institutional investor weep because the blended annual expense ratio is 0.10 percent. And you can trade it, and rebalance it, commission free.
Or if you’re over at Fidelity, you can own this portfolio—you lose the direct commodity exposure, but you still own the total fixed-income and equity markets. It’s amazing exposure, and you can trade it commission free, for 11 basis points.